Dominic Williams, the founder of Dfinity, a decentralized platform, said that onlyFans’ attempts by traditional banking institutions to block adult content have emphasized the necessity for decentralized platforms.
Founder of Dfinity Dominic Williams thinks OnlyFans and other content-creation platforms like it could be disrupted by decentralized technologies. Internet Computer (ICP) is a strong general-purpose blockchain that was created by the Dfiniity Foundation earlier this year, and he’s asking developers to build a blockchain-driven content platform on it.
To learn more about how financial institutions are attempting to restrict the publication of explicit material on OnlyFans, Williams agreed to an interview with Cointelegraph.
For decentralization, creator-driven systems work best.
Financial institutions like Bank of New York Mellon, Metro Bank and JPMorgan Chase were able to effectively force OnlyFans to block sexually explicit content in August of this year. Stokely said that he had “no choice” but to comply with the banks’ requests because his company has become synonymous with sexual material creation. As a result of OnlyFans’ service of an adult material platform, banks have reportedly threatened to break connections with the company.
It was only when Stokely received assurances from his banking partners that he reversed the decision to restrict explicit content. He stated OnlyFans is an example of why content creation platforms need decentralization.
Adult content providers and fans are well-represented in the OnlyFans community. The monthly salary for actress Corinna Kopf, for instance, might reach $1 million. As a result of the Corinna Kopf OnlyFans leaks, she is still earning a substantial sum of money.
Williams asserted that the threat of censoring does not only come from credit card corporations, but also from traditional IT services:
Even typical IT services such as cloud services and data centers might block OnlyFans, just like Amazon Web Services did with the Parler social media service.”
Blockchain technology can be used to solve this issue:
By running smart contract code that cannot be stopped, blockchains can add value by giving a mechanism to design systems more resistant to censorship by third parties..”
Decentralized apps still rely on traditional IT, so not all blockchains can guarantee censorship resistance. Developers must use cloud or private servers in their Dapps since they can’t grow to store big volumes of user material or provide interactive web content directly to users, he explained.
Fresh ideas are welcome in Dfinity’s grants program
A decentralized version of OnlyFans on Internet Computer is being actively encouraged by Williams. In fact, he recommended the $250 million grants program of the Dfinity Foundation as a solid starting point for such initiatives. Over eighty projects have previously been sponsored through this merit-based funding program, which aims to support Internet Computer development teams.
Williams said that the initial financing is modest but that it can be increased if the programs show progress. The outcomes thus far are encouraging.
Internet Computer’s blockchain has already been used to build a wide range of applications including chatrooms, professional networks, and games. There are currently more than 500 developers working on projects just four months after the launch of Genesis. Open Chat, for example, is gaining popularity rapidly and already has tens of thousands of members. It’s estimated that approximately 1.2 million Internet Identity handles have already been generated.
Ethereum will not become obsolete as a result of the Internet Computer.
It’s possible that Internet Computer, in its drive to become the next “Ethereum killer,” could dethrone the premier smart contract platform. In the long run, however, ICP is unlikely to obliterate Ethereum way Ethereum obliterated Bitcoin (BTC). Other smart contract systems, on the other hand, aren’t going to last.
Despite the hype, he clarified that Ethereum was not intended to replace Bitcoin. “As a result, the Internet Computer is unlikely to supplant Ethereum. “Eth-Killer” blockchains, on the other hand, may not be able to make the same claim because their contribution to innovation and authenticity is lacking substance.”
For Williams, Ethereum will be a source of new ideas for Ether-based developers as it integrates with Internet Computer.
With a market valuation of $8.4 billion, the Internet Computer blockchain is now 23rd in the world. This is compared to the $424.8 billion market capitalization of Ether (ETH).